Considerations when writing your last will and testament

When you are going through exciting times in life, such as getting married, having a baby or preparing for divorce, the last thing on your mind is writing a last will and testament. People do not really consider these matters when they are young, healthy and looking forward to a long life ahead. Yet, financial experts say that these may be some of the best times to write a will. Not only are you fully competent of thinking through complex matters and making critical decisions regarding your estate, but you never know when an accident may occur.

There are some important considerations to make when drafting your last will and testament. These include the following:

  • Who you would like to act as the executor of the estate or the estate administrator
  • Who you would like to be guardians of your children
  • Who you would like to be beneficiaries to your estate property, assets and possessions

When you select an estate administrator, it is important to think of someone who has the time and skills to complete the job. You may want to ask the person before naming them in the will. Furthermore, you want to be extremely specific when deciding who you would like to have your property once you pass. Being precise may help to avoid disputes over who is entitled to what in the will.

Keep in mind, you can revise your last will and testament at any time if something should change. For example, if you need to select a new estate administrator or if you wish to change a beneficiary or guardian.